Online financial transaction systems, such as online banking and investment systems are generally known, in which a customer is able to log on to an online banking website via a web browser on a computer or smart phone, to perform various functions such as retrieving account balances, transferring funds between the customer's bank or credit card accounts, setting up third party payees to receive payment of funds from a customer's bank account, instructing payment of funds to from a customer's bank account to a third party, and purchasing of stocks and shares.
Conventional online banking systems typically require layers of security to ensure that access to customer banking details is restricted to authorised users. For example, a typical log on process will involve the customer entering identification details such as a username or account number together with an associated passcode and/or memorable word, or requested portions thereof. The online banking system verifies the customer identification details before authorising access to the online banking functions. Another layer of security typically provided is to verify a unique and time sensitive one-time passcode that is generated by the customer using a hardware token or passcode generator software, as is known in the art.
What is desired is an improved online financial transaction system that facilitates more flexible and efficient functionality while maintaining security and assurance throughout.